Market Overview
Growing health conscious population across the globe is driving the sales of carotenoids. Carotenoids are pigments in algae, plants and photosynthetic bacteria which produce colors such as bright yellow, red, and orange in plants, vegetables, and fruits. Moreover, they act as antioxidant in human body for which it is gaining incredible growth globally. Moreover, unlike other protein-rich foods, cooking and chopping carotenoid-rich foods assist in increasing the strength of the nutrients when they enter the bloodstream. Consumers are becoming aware of the beneficial properties of Carotenoids, driving the growth of the market. Rising consumers’ awareness supported by increasing health consciousness is uplifting the growth of this market.
Potential applications of carotenoids in pharmaceuticals, and personal care industries have a positive impact on its market share growth. Based on the application, food & beverage application segment is expected to experience the highest growth rate followed by pharmaceutical segment. Personal care products application is expected to boost the demand for carotenoids in the coming years. Additionally, the animal feed industry is being a potential market for carotenoids and boosting the growth of carotenoids market. Growth of animal feed industry is supporting the growth of carotenoid market.
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Competitive Analysis
Key players operating in carotenoids market are mainly focused on acquisition of small players to expand their business and penetrate the global market. Expansion and R & D investments are among the major strategies followed by the players. They are looking for opportunities for geographical expansion and increasing their global footprints to capture the major market share.
Some of the leading players in the Global Covid-19 Analysis on Carotenoids Market are Allied Biotech Corporation (India), BASF (Germany), Kemin Industries (US), Koninklijke DSM (The Netherlands), AlgaTechnologies Ltd. (Israel), D.D. Williamson (US), and ExcelVite Sdn. Bhd. (Malaysia) among many others.
Industry Segments
Global Covid-19 Analysis on Carotenoids Market has been divided into application, and region.
Based on Type: Alpha-Carotene, Beta-Carotene, Lutein, Lycopene, Astaxanthin, Zeaxanthin, Canthaxanthin and others
Based on Form: Capsules, Powder, Tablets
Based on Application: Food & Beverages, Animal Feed, Personal Care Products, and Health Care Products, Others
Based on Region: North America, Europe, Asia Pacific, and ROW.
Regional Analysis
Among the regions, Europe will dominate the carotenoids market with the presence of major key players in the region. However, North America also holds substantial market and is projected to have continuous growth during the forecast period. Moreover, Asia Pacific is expected to witness the highest growth rate during the forecast period 2020-2024. Rising popularity of carotenoids owing to its widespread applications is supporting its market growth on the global level. Rising health awareness and increasing health concerns have been playing a key role in the carotenoid’s growth from the last few years.
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